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Old 06-25-2013, 04:28 PM
 
Location: The "other" West Coast - in Florida
213 posts, read 548,770 times
Reputation: 130

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I've been out getting quotes and even with a wind mitigation report on a 1994 construction we're getting quoted $4000/year! The house in question is 3800+sqft in flood "Zone X" I believe - which is low risk, as is a hip roof with tile.

Several of the quoting companies seem to just kick it over to Citizens Property Insurance and just tack on their commission.

What's up with this? The rates seem to be astronomically high compared to other states we've lived in. Any recommendations for companies that might be more competitive? This seems on the surface like it is a very tightly controlled market with only one major player dictating any prices they want.

Examples -
State Farm was $4100/yr - Even said "Citizens" right on their quote.
Frontline (never heard of before) was $3700/yr
Lots of other companies I've never heard of...with worries they could collapse after one major hit.

I did find THIS - CHOICES - $150,000 Value - Pre-2001 Construction w/ Wind Mitigation
From the Office Of Floriday Insurance Regulation - I am going through several of the listed companies searching for competition - but starting to think that this is just one of the hidden high costs in FL life.
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Old 06-25-2013, 04:49 PM
 
Location: Port Charlotte, FL
3,979 posts, read 9,847,293 times
Reputation: 1917
Yes, any home built prior to 2002 will be higher for homeowner insurance regardless of whether it is in a flood zone or not. 2002 and newer homes are built to current hurricane standards and receive more discounts. Insurance rates also have gone up over the past couple of years. Many insurance companies when they give estimates over the phone, do not give you full discounts until you give them a copy of the wind mitigation report.

AAA insurance can give you quotes from various agencies. I have been seeing lower rates with Johnson Insurance Agency and ASI Insurance. It does pay to shop around.

Homeowner insurance –Insurance rates vary by age of home, size of home,
conditions of home, and location of home. Insurance is more expensive if you live
near any type of water – pond, lake, river, Gulf. Insurance is more expensive if
home was not built to current hurricane standards. You can get discounts the home
qualifies for by having a wind mitigation inspection done at thes ame time as your
home inspection. Discounts are available for building features that reduce damage
during high wind events. Overall discounts include things such as age of home, style of roof, how close the home is to a body of water, how close to a fire hydrant, how the roof is tied down, if the home has hurricane shutters or impact resistant windows, frame or block home, etc. If the home is in a flood zone, the insurance company will require a flood elevation certificate. That can be obtained by paying a survey company to prepare it. To check Flood Zones go to www.floodsmart.gov and type in the address of the property. It will give you the flood zone, rates, and insurance companies to contact.
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Old 06-25-2013, 05:44 PM
 
3,269 posts, read 9,526,755 times
Reputation: 2022
Quote:
Originally Posted by Californianz View Post
I've been out getting quotes and even with a wind mitigation report on a 1994 construction we're getting quoted $4000/year! The house in question is 3800+sqft in flood "Zone X" I believe - which is low risk, as is a hip roof with tile.

Several of the quoting companies seem to just kick it over to Citizens Property Insurance and just tack on their commission.

What's up with this? The rates seem to be astronomically high compared to other states we've lived in. Any recommendations for companies that might be more competitive? This seems on the surface like it is a very tightly controlled market with only one major player dictating any prices they want.

Examples -
State Farm was $4100/yr - Even said "Citizens" right on their quote.
Frontline (never heard of before) was $3700/yr
Lots of other companies I've never heard of...with worries they could collapse after one major hit.

I did find THIS - CHOICES - $150,000 Value - Pre-2001 Construction w/ Wind Mitigation
From the Office Of Floriday Insurance Regulation - I am going through several of the listed companies searching for competition - but starting to think that this is just one of the hidden high costs in FL life.
House insurance is the one thing that costs us more here than in NJ. However our insurance actually went down about $500 this year to somewhere around $3,400. We are not in a flood zone.
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Old 06-25-2013, 09:31 PM
 
Location: North Port
697 posts, read 1,091,481 times
Reputation: 169
Quote:
Originally Posted by Californianz View Post
I've been out getting quotes and even with a wind mitigation report on a 1994 construction we're getting quoted $4000/year!
Yup..it's what I and some have said to many here. It was one the top factors that nudged us toward North Port. The insurance rate for the same size house in Sarasota built in the 80 or 90's was $150 to $200 MORE per month. Now, when you interest rate is 3.25 %..... That's could buy you a much larger house or a much bigger savings...we choose the later
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Old 06-25-2013, 10:43 PM
 
34,727 posts, read 54,541,266 times
Reputation: 21805
FEMA flood zone X
this is FEMA's definition---

B and X (shaded) Area of moderate flood hazard, usually the area between the limits of the 100‐ year and 500‐year floods. B Zones are also used to designate base floodplains of
lesser hazards, such as areas protected by levees from 100‐year flood, or shallow flooding areas with average depths of less than one foot or drainage areas less than 1 square mile.


C and X Area of minimal flood hazard, usually depicted on FIRMs as above the 500‐year (unshaded) flood level. Zone C may have ponding and local drainage problems that don't warrant a detailed study or designation as base floodplain. Zone X is the area
determined to be outside the 500‐year flood and protected by levee from 100‐ year flood.
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Old 06-26-2013, 05:34 AM
 
Location: The "other" West Coast - in Florida
213 posts, read 548,770 times
Reputation: 130
Thank you TamRE - for the info and extra referrals - I'll check them out!

And thanks to everyone else for the confirmation of something that might seem obvious to long time residents, but a bit of a surprise to newly transplanted home buyers.

Just out of curiosity, I used an online instant calculator to compare the exact same house as if it were built in 2010 as opposed to 1994. $1200/year difference - or $100/month less. Adding or subtracting window protection didn't seem to make much difference.

Anyway, it is what it is. Shopping should save a bit, but it's likely not going to be significantly different - and we do want to make sure we're with a company that will withstand a big hit, in the event one ever comes.
It is Hurricane Country after all.
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Old 06-26-2013, 05:38 AM
 
Location: The "other" West Coast - in Florida
213 posts, read 548,770 times
Reputation: 130
And if they aren't high enough - this article came out today about rate hikes from Citizens!

Citizens Insurance to consider rate hikes | Breaking Tampa Bay, Florida and national news and weather from Tampa Bay Online and The Tampa Tribune | TBO.com
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Old 06-26-2013, 06:38 AM
 
Location: Bradenton Florida
82 posts, read 148,474 times
Reputation: 51
Wow is right! I have a 1200 sq foot condo in west Bradenton not in a flood zone and my insurance for the inside with Frontline was $850.00 a year, the agent said my zip code (34209) was an expensive one.
Two weeks ago I received my new statement from Frontline and it was $1050.00, so after checking around I went with AAA who was able to save me around $300 by bundling my auto and condo insurance.
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Old 06-26-2013, 04:20 PM
 
Location: Englewood, FL
1,268 posts, read 2,833,313 times
Reputation: 1112
The home you're buying is large, and replacement cost is high. Throw in a tile roof, and built before 2002...ouch...it's a big bill. I still feel like Citizens is the best choice for now, anyway. Their rates are lowest, and they are financially sound.
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Old 06-26-2013, 05:23 PM
 
Location: Port Charlotte, FL
3,979 posts, read 9,847,293 times
Reputation: 1917
I heard on the news tonight that Citizens is raising their rates again.

Citizens Property Insurance's board approves rate hike for 2014 | News - Home
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